We need to get a plan...

14 years later we still haven't done anything investment wise

Long term plan is to allow my husband to retire.

PPOR value roughly $450k. Mortgage $185k.
Current income $155k between us. Pay extra $300 per week off mortgage. Two kids, not planning more.

What would you do in this circumstance?

 

Can start now

How many years until the ideal retirement age? How much income would you need then?

 

Do you have Superannuation? You're at least well on your way to owning your own home.

Step 1 - budget. Set a reasonable budget & stick to it!

Step 2 - develop an investment plan / goals / strategy.... whatever works best for you.

Step 3 - act on your investment journey...

Lots to read & learn here. But only you can act.

My 2 cents...

 

He hates his job. I earn majority of our annual salary. He's quite handy so happy to do small fix up jobs. If he could retire in five years that would probably be ok though he'd like sooner. His salary is $50k.

 

Haha!

 

Would changing job be a faster solution for his current situation? 5 years sounds quite ambitious

 

How much do you want to retire on?

 

I'd be changing jobs.
I absolutely hated my job but it was helping me save for a PPOR so thought I'd stick it out. A month later, made the best decision of my life and just quit. Got another temp job until i got the job i love - which im in now and have been for 5 years. I get up WANTING to go to work (and getting paid more).

You got some decent equity in your house so should be able to start no worries with the help of a broker on here.

 

If hubby is handy I'd look to buy an IP that can easily be renovated for value add - get it revalued after the work is complete and pull out the equity to repeat the process.

Cheers

Jamie

 

Going from where you are financially and mentally to retired isn't going to happen in five years.

Make some big changes in your life career wise and you might do it in 15.

 

I think I probably got my wording wrong. We would like for him to not work in five years time knowing that I'm much younger than him and working for much longer with the higher income. He may turn his hand to a business at that point.

 

Worthwhile bringing the business planning forward, if age/time is of concern.

 

Well clearly the desire is there, but perhaps you don't know what next step of action to take.
That requires inspiration, forward thinking, planning and goal making.

If you haven't read property/investment books, that's a good place to start to get ideas.

Education
1. 0-135 properties in 3.5 years
2. Rich dad, poor dad
3. The millionaire next door
4. The richest man in babylon

Inspiration
Seek mentors, be it friends or people on PC.

Team
Speak to your 'team'. Don't have one? Make one.
Talk to an accountant, a mortgage broker, real estate agents, buyers agents.

Go to seminars, property conferences.

People think property investors just make it happen and show up with a $3mil+ portfolio from a bit of Sunday realestate.com.au and a few phone calls, but that's just the tip of the iceberg. People become obsessed with property and devour everything they read up on property: magazines, forums, media, council/government websites. They educate themselves with all the lingo and jargon. You arm yourself with knowledge so you can see opportunity whereas others see difficulty and risk.

As someone just said, it's about the mentality and mindset. Have a dream, then go make it happen.

 

Perhaps this might be a place for your husband to start his own business? As a handy man... he could skill up and complete some trade certificates in renovation, plumbing, etc. Bunnings also host free in store DIY workshops on Saturdays and Sundays.

Given it also is your husband's goal to retire sooner, I'm wondering how he might be able to help you speed along the process? I note you are the one that's posted, not him What are his thoughts on how to achieve this goal together?

Working together as a team and educating yourselves, attending seminars, sharing knowledge and discovering new things could also be quite interesting. But of course, this will require a lot of commitment from both sides, particularly to achieve the goal you've set out to achieve in the period of time you may like.

Be wary of any 'get rich quick schemes' though, particularly at seminars. The more I'm learning about property investing, the more I'm realising it requires absolute dedication. One place to start might be reading through some questions people have asked Margaret Lomas, here: Margaret Lomas

I found this section really helpful. In particular, check out her 20 questions to ask before purchasing an investment property. Others have suggested books to purchase, having your own team and also a mentor - all really great suggestions.

All the best - and keep learning!

 

Why do so many people think starting a business is the answer? It's the answer if your the type of person to make a go of it. If you've been muddling through a menial career your whole life, business will cut of your head and take a dump down your neck. Seen the path of destruction many times.

 

Life's too short being stuck in a job you hate.
Not much point being miserable if there are alternatives available.
If there's no other options, approaching a job with a positive attitude can help a lot in the short term.